Import Penetration and Executive Compensation
研究中国进口渗透对美国企业高管薪酬的影响，发现进口竞争减少了股票授予和财富绩效敏感性，表明竞争缓解了代理问题。
Abstract We first compare several measures of import penetration and find that total imports, tariffs, and exchange rates are endogenous, while imports from China are largely exogenous. Then we examine the effects of Chinese import penetration on executive compensation of U.S. firms. We document that Chinese import penetration reduces executives’ stock grants and wealth-performance sensitivity, suggesting that competition mitigates agency problems and the need for conventional alignment mechanisms. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.